ACPC, PCFC Provide Easy Loans To Farmers, Fisherfolks

The Agricultural Credit Policy Council (ACPC) of the Department of Agriculture (DA) has partnered with another government corporation-the People’s Credit and Finance Corporation (PCFC)—to provide easy-to-pay loans to small farmers and fisherfolk families as part of the government’s efforts to ease the rural credit squeeze and reduce poverty in the countryside.

Some P61 million in loans have been availed so far by over 5,873 farmers and fisherfolk under this credit program.

Dubbed the Agri-Microfinance Program (AMP) for Small Farmers and Fisherfolk and their Households, this credit program utilizes the PCFC’s extensive network of microfinance institutions (MFIs) as conduits to provide loans to the target beneficiaries, said ACPC executive director Jovita Corpuz in a report to Agriculture Secretary Arthur Yap.

Under the program, the PCFC administers the provision of loans to small farmers and fisherfolks through its accredited borrower organizations that can either be banks, cooperatives,　non government organizations (NGOs) or people’s organizations　that pass the accreditation criteria of the PCFC.
"So far, the　PCFC has fully disbursed the program’s P100 million fund through its various conduits benefiting 5,873 farmers and fisherfolks nationwide.　 Some P39 million are still available for availment under the program." said Corpuz.

Under the program, borrower organizations may avail themselves of the Agri-Fishery Micro-finance Loan Facility for re-lending to eligible sub-borrowers to finance their income generating agriculture related activities. 　
Loans under this setup will be used to support any or combination of farm, off-farm/non-farm income-generating projects.

Eligible sub-borrowers include heads of the family, spouses or adult working members of small farming/fishing households. Only one member per household is qualified to borrow up to a maximum of P50,000 at a single time under the project.

Qualified borrowers may also tap the Value Chain Financing Facility of the program, which are　credit funds intended to finance value chain activities and acquisition of assets for post production, agri-enterprise or agri-business project.

Loans will 　be used for working capital or acquisition of resources for product marketing or inputs trading.

Eligible sub-borrowers include microfinance groups with or without juridical personality composed of at least five (5) members engaged in any agribusiness project. Each sub-borrower group can borrow up to a maximum of P1 million but not to exceed P150,000 per member. /MP